US dollar picks up pace, drags GBP/USD below 1.4800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD fell sharply and made fresh lows sub-1.4800 as the US dollar gathered pace despite data showed US goods trade deficit widened in November.

    GBP/USD extended losses and fell below the 1.4800 level for first time since April to hit a low of 1.4789 so far. At time of writing, the pair is trading at 1.4792, recording a 0.59% loss on the day.

    The pound is one of the worst performers on Tuesday, falling sharply versus major competitors with no clear catalyst and moves exaggerated in thin trading volume ahead of the New Year holiday.

    GBP/USD technical levels

    As for technical levels, next supports could be found at 1.4700 (Apr 15 low/psychological level) and 1.4604 (Apr 14 low). On the flip side, resistances are seen at 1.4900 (10-day SMA), 1.4949 area (Dec 24 & 18 highs), 1.5000 (psychological level) and 1.5017 (21-day SMA).
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